Passionate, energetic and extremely focused, Amber Werchon is one of Australia’s highest sales achievers. She has sold over $54 million dollars worth of property, was the youngest person to ever receive the REIQ Salesperson of the Year from 2005 to 2007, and has recently established her own agency, Amber Werchon Property.

Renovating versus demolishing

April 28 | Amber Werchon

Location, location, location... Oh, how often real estate advertising uses this phrase, and often a purchase decision can be made with location as the deciding factor, rather than the home!

When location is the major motivating driver for a purchase, then it may be that the home is old-fashioned, or run down (not always).

And if this is the case, then the purchaser needs to make a decision whether to bulldoze and build a new residence, or renovate.

This is not always an easy decision, and you need to consider the following factors:
1. Budget - this is the bottom line, professional renovations can make an amazing transformation to an existing property, but they don't come cheap, neither does bulldozing and rebuilding, particularly if it is a steep block with access issues.

2. Ambience of the area - what are the surrounding homes like? For example, are they old Queensland-style homes, in which case will your ultra modern architect designed home be embraced, or will it be resented? Of course, it's your land and your decision, but a picturesque street can be tainted by an inappropriate design.

3. Your Family's Needs - what do you need from your home, what is going to make your life more comfortable? Can these modifications be seamlessly made to the existing property, or would the renovations be so extensive that the cost would be prohibitive? In some cases it may be cheaper to rebuild than renovate, for example if the building has structural problems.

4. Building Report - As mentioned above, if the building has some serious structural issues, rebuilding may be the most sensible and cost-effective option. On the flipside, some of these old homes are built so solidly, that the buyer decides that it would make sense to retain structure and just refurbish to achieve desired effect.

5. Sanity - very important! Renovating and building are both fun but stressful times. So keep this in mind when purchasing a property for the land, rather than the house. Are you up for the challenge...?

Whatever you decide, good luck and enjoy the process.